Jim and Betty Brown (names changed to protect the innocent) were elderly when they moved in with Bill (their son) and his family. They decided to sell their house on Creekside Drive to not be a financial burden to Bill.
The market was great and their home was under contract immediately.
Before the closing, Jim fell, broke his arm, and spent a week in the hospital recovering from surgery. The closing of his house fell through because he was not able to sign papers due to the hospitalization.
Now the Browns are in a financial bind.
If Jim had appointed Betty as his agent under a Statutory Durable Power of Attorney then Betty would have authority to sign Jim’s name and the house would have sold. The Brown’s should have avoided closing and financial problems.
Be sure you have a Statutory Durable Power of Attorney in place.
Excited to see you thrive –
~ The Allen Firm team (and Josh) | Your Legal Guides
PS. You also need a Medical Power of Attorney. This would have allowed Betty and Bill to make medical-related decisions for Jim if something medically went wrong and Jim was not able to make his own decisions.